Bank of America Domestic Card Loss Forecasting & Analytics Manager in Newark, Delaware
This position entails driving ongoing Allowance and Forecasting integration support / analytics / execution for the $96 billion of loans comprising Domestic Card. The primary function will be to lead the CECL (Current Expected Credit Loss) forecasting adherence initiative for Card, which requires migrating to a life of loan Reserve methodology based on new guidance released in June 2016 by the Financial Accounting Standards Board. This position requires assessing the current loss forecasting process and models, helping lead transformation of new environment, and completing supporting analytics as part of the work stream. Other large initiatives in support of Domestic Card forecasting that this position will help drive include assisting with required deliverables for Global Stress Testing (sensitivities, benchmarking, documentation), championing consumer retail-based analytics, and serving as contact for back-book loss forecasting in relation to the broader Forecasting transformation initiatives covering loss, revenue, balances, etc.
The Domestic Card CECL and forecasting integration position requires being able to manage simultaneous complex analytics and translating results into meaningful loss forecasting output / MIS for their management team and business partners; the position requires being able to utilize sophisticated database analysis tools for data identification, preparation, collection and extraction for the purpose of trend identification and detailed analysis that illustrates key Finance and Collections performance metrics as it relates to Domestic Card. In addition, one will be responsible for presenting their results to senior management across Loss Forecasting, Finance, GRA, Collections, and Enterprise Credit Risk in relation to CECL, Forecasting Transformation, and Business Analytics deliverables.
Although this role is primarily related to the Domestic Card portfolio, it should be noted that secondary support for the CVL and Overdraft portfolios as well as Enterprise Data Management will also be a job function to further support the broader loss forecasting initiatives ensuring consistency across Retail for 2017 and beyond.
Characteristic Duties and Responsibilities
Ability to lead and establish the strategic direction for the CECL forecasting adherence, primarily relating to US Consumer Card and Business Card loss forecasting; possess a strong ability to create team culture across Loss Forecasting and motivate stakeholders and associates to drive improved infrastructure.
Analyzes data andresponsible for packaging views into meaningful analytics that enable enhanced forecasting and swift identification of emerging risk trends relating to Reserve / Allowance requirements for Domestic Card.
Leverage both internal and external information to better understand past portfolio performance and possible future changes, inclusive of macro-economic, regulatory, and accounting policy impacts on the Domestic Card portfolio.
Advanced database manipulation including data identification, preparation, collection and extraction. Ability to quickly learn new enterprise data tables and gain familiarity / ensure data integrity in an efficient manner.
Ability to project plan and prioritize multiple requests from direct management chain and business partners; help shape long term forecasting infrastructure (loss, revenue, expense) through Domestic Card support.
Assesses key trends in relation to Loss Forecasting, Finance, and Collections and communicates findings to senior management along with key business partners based on analysis.
Expand 'value add' materials, conversations and team engagement wherever possible.
Participates on project teams where applicable / other responsibilities as assigned by management (primarily relating to Domestic Card, but secondarily relating to CVL and Overdraft).
Desire to DRIVE CHANGE and IMPROVE THE STATUS QUO through advanced forecasting, analytics, and data monitoring.
Proven analytical ability and problem-solving skills as demonstrated through 10+ years related experience
Bachelor’s degree in related field; a Masters degree in related field is desired but not required.
Previous people management skills/experience is desired (but not required) given future build-out of the team; ability to work independently and a self starter.
Strong communication (oral, written) and organizational skills; must exhibit a high attention to detail and strong writing ability.
Ability to liaison with internal team’s forecasters and business partners in Finance, Product, GRA and Enterprise Credit Risk; critical thinking is needed in order to translate data into meaningful monitoring tools.
Strong Working knowledge of database software and reporting tools, such as SQL, SAS, the ‘W’; knowledge of macro-economic data sources (Bureau of Labor Statistics, Moody’s) and forecasting software such as Strategic Analytics is an added bonus.
Strong Proficiency of MS Office (Excel, Word, and PowerPoint)
Strong understanding of BAC’s business operations and relationships between business areas, typically acquired through previous financial services experience.
Previous risk management experience and sound knowledge of financial statements is needed.
The Domestic Card and CVL Loss Forecasting & Analytics team is comprised of 25 associates with varied technical, operational, and risk management backgrounds; the team strives to create timely, accurate loss forecasts to meet Corporate Finance / provisioning objectives and provide analytics in support of Collections, Risk Strategies, and Finance trends. Our key pillars for success in 2017 and beyond revolve around 5 main themes:
Executing Loss Forecasts for the Domestic Retail portfolios (this includes baseline, incurred, and scenarios); there will be 8 forecasts over the full year (also, covers Enterprise Stress test scenarios and Federal Reserve Board requirements); the team is responsible for communicating the forecast to Senior Management.
Helping drive loss forecasting modeling and process improvements via points of strategic integration, identifying point of model weakness, and building consistency across the Retail (non-mortgage) portfolios; this initiative also includes assisting with the challenger loss state transition model build-out of CSTM (Card) and ASTM (Auto).
Completing analytics / strategic direction in support to ever-changing forecasting landscape; several large-scale initiatives relate to the CECL Life of Loan project and the Loss Forecasting Transformation imperative emphasizing forecasting integration, automation, and efficiency.
Respond to heightened Review & Challenge and control bar, including documentation, established by Model Risk Management, Global Stress Test, and Federal Reserve partners.
Continuing to maintain a focus on Employee satisfaction and engagement by building strong team camaraderie through work streams centered on Celebration & Communication and Enterprise & Education.
Enterprise Role Overview:
Responsible for performing complex analysis aimed at improving portfolio risk, profitability, performance forecasting and operational performance for consumer products and the related divisions such as credit cards. While this position has no direct people management responsibilities, it does require the ability to interact with business partners both within and external to the department. This position requires being the subject matter expert on multiple business-related and technical-related topics and an ability to independently drive strategic improvements. Key functions involve owning asset quality monitoring, identifying business trends based on economic and portfolio conditions, and executing strategic enhancements. Responsible for conducting interviews, training, Card Strategy Management / Consumer Product Analysts, and mentoring less tenured analysts. Communicates business trends creates financial assessments and interprets risk analytics for senior management. Proven experience at developing technical skills of their team. Detailed knowledge of SAS / SQL, financial statements, and business processes preferred. Sound knowledge of SAS / SQL, financial statements, and business processes preferred. 5+ years Strategic Analysis experience preferred
Posting Date : 05/18/2017
Location : US-DE-Newark, US-NC-Charlotte
Travel : Yes, 10% of the time
Full / Part-time : Full time
Hours Per Week : 40
Shift : 1st shift
Assistance for Applicants with Disabilities
Bank of America is committed to ensuring that our online application process provides an equal employment opportunity to all job seekers, including individuals with disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to submit an application, please visit the Applicants with Disabilities page at http://careers.bankofamerica.com/us/applicants-with-disabilities .
Diversity & Inclusion
At Bank of America, our commitment to diversity and inclusion is helping us to create not only a great place to work, but also an environment where our employees, our customers and our communities around the world can reach their goals and connect with each other. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
Frequently Asked Questions
Need to know how to apply online, view a list of your submitted job applications or reset your password? Visit our FAQ at http://careers.bankofamerica.com/us/faq section for answers to these questions and more.